The President, African Development Bank Group, Dr. Akinwumi Adesina, has said that the Bank would continue to make Africa proud by supporting the implementation of impactful and life-transforming projects across the continent.
Adesina disclosed this via a tweet, through his verified tweeter handle @akin_adesina.
Adesina said, “This day in 2015, I was first elected President of the African Development Bank. Six years later, the African Development Bank was named the Best Multilateral Financial Institution in the world, and 4th most transparent institution in the world. We will keep making Africa proud”.
In 2021, the prestigious United States magazine, Global Finance, specializing in financial markets and investment banking named the African Development Bank as the “Best Multilateral Financial Institution in the world for 2021”.
The award is a global recognition for the path breaking efforts of the African Development Bank as it transforms itself into a solutions bank for Africa, through a combination of its operations, knowledge services and investment positioning, which continue to help accelerate Africa’s development.
The award is an affirmation of the success of the operational strategy being pursued by the African Development Bank under the leadership of Adesina, who was unanimously re-elected to a second consecutive five-year term as President of the institution.
“With widespread expectations of consolidation in multiple sectors and all around the world, investment banks will play a leading role in reshaping the world economy post-pandemic.
“Companies need more than ever to understand the specialties and skills that investment banks bring to the table. Global Finance awards are a valuable guide,” said Joseph D. Giarraputo, publisher and editorial director of Global Finance on announcing the winning list.
In 2020 the African Development Bank received broad recognition for responding swiftly to the needs of the African continent in the wake of the Covid-19 pandemic and for its pioneering role in the global social bond market.
In October 2020, the African Development Bank was selected in a poll of global bond market players as the best issuer for its $3bn dollar-denominated Fight Covid-19 social bond, issued on 27 March 2020.
The Bank’s Fight Covid-19 Social bond was the largest ever US dollar denominated bond in world history, floated on the Luxembourg stock exchange, and listed on the London Stock Exchange and the Nasdaq Sustainable Bond Platform.
Also, in March 2020, the African Development Bank received the Environmental Finance’s 2020 bond of the year award—SSA category— for a successful one billion Norwegian Krone social bond issued in 2019.
It was the first social bond ever launched in the Norwegian market, and the African Development Bank’s first transaction in Norwegian Krone.
Adesina said, “I am delighted at Global Finance’s recognition of the African Development Bank as the best multilateral financial institution in the world in 2021. I am proud that for first time since its establishment in 1964, the African Development Bank has risen to a position as a foremost globally-respected financial institution.”
Adesina described the award as one which was “duly earned” and credited the Bank’s continued success to a new culture of results, strong client orientation, leadership, creativity and continued innovation by a team of excellent staff across all its jurisdictions.
He added, “We are constantly innovating, developing and deploying financial, investment and knowledge products to meet the rapidly changing needs of African countries and the private sector.”